The department shall have the right to appropriate, apply, or expend the revenues derived from the project agreement for a project for the following purposes:

(1) To pay when due all special purpose revenue bonds and interest thereon, for the payment of which the revenues are or have been pledged, charged, or otherwise encumbered, including reserves therefor; and

Terms Used In Hawaii Revised Statutes 39A-203

  • Department: means the department of budget and finance. See Hawaii Revised Statutes 39A-191
  • Project: means any energy project or telecommunications project. See Hawaii Revised Statutes 39A-191
  • Project agreement: means any agreement entered into under this part by the department with the project party for the financing from the proceeds of special purpose revenue bonds of a telecommunications project or an energy project, including without limitation any loan agreement. See Hawaii Revised Statutes 39A-191
  • Project party: means an electric or gas utility, including a publicly owned energy cooperative, serving the general public and that is regulated by the public utilities commission under chapter 269, or a telecommunications carrier or telecommunications common carrier, whether or not subject to regulation by the public utilities commission under chapter 269. See Hawaii Revised Statutes 39A-191
(2) To the extent not paid by the project party to provide for all expenses of administration, operation, and maintenance of the project, including reserves therefor.

Unless and until adequate provision has been made for the foregoing purposes, the department shall not transfer the revenues derived from the project agreement to the general fund of the State.

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